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Fiserv unit to pay $40 mln to settle U.S. FTC charges it aided fraud, credit card laundering

May 19 (Reuters) - First Data Merchant Services LLC and a former executive will pay more than $40.2 million to settle U.S. Federal Trade Commission charges they were knowingly involved in payment processing and credit card laundering for scams that harmed hundreds of thousands of consumers.

The FTC said on Tuesday that First Data, which was acquired last year by Fiserv Inc, will pay more than $40 million, while the former executive Chi "Vincent" Ko will pay more than $270,000. (Reporting by Jonathan Stempel in New York Editing by Chris Reese)